Nigeria re-pledges commitment to OPEC

Following the plan by Angola to withdraw from the organisation of Oil Producing Countries, OPEC, Nigeria has pledged its unwavering support for the oil cartel while promising to engage with the organisation to address concerns that resonate not only within Nigeria’s borders but across the entire continent…

Nigeria has pledged its relentless commitment to OPEC after a fellow African nation, Angola, announced plans to leave the oil producer group.

Nigeria and Angola, Africa’s two largest oil producers, were among several countries handed lower output targets for 2024 after years of failing to reach previous demands.

Angola said it is pulling out of the oil cartel group because OPEC no longer served the country’s interests.

Despite this, Nigeria’s minister of state for petroleum Heineken Lokpobiri said in a statement that the country’s commitment to OPEC remained unwavering.

He said the collaboration within the organisation remains pivotal in fostering stability and sustainability in the oil market,” Lokpobiri said in a statement.

The statement added that Nigeria is resolute in its dedication to OPEC’s objectives while actively engaging with the organisation to address concerns that resonate not only within Nigeria’s borders but across the entire continent.”

The West African country was given a 2024 target of 1.5 million barrels per day (bpd) but says it plans to produce at least 1.8 million bpd.

Angola’s announced departure follows a protest from Angola about OPEC+’s decision to cut its output quota for 2024. The dispute helped to delay OPEC+’s last policy meeting in November and its agreement on new output curbs.

Meanwhile Brazil is expected to join OPEC+ in January but will not take part in the group’s coordinated output caps.